Article 55 — CEDEAO Traite-revise-1993

COMPLETION OF ECONOMIC AND MONETARY UNION Member States undertake to complete within five (5) years following the creation of a Customs Union, the establishment of an economic and monetary union through: i) the adoption of a common policy in all fields of socio-economic activity 34 2. ii) iii) ECOWAS REVISED TREATY particularly agriculture, industry, transport, communications, energy and scientific research; the total elimination of all obstacles to the free movement of people, goods, capital and services and the right of entry, residence and establishment; the harmonisation of monetary, financial and fiscal policies, the setting up of a West African monetary union, the establishment of a single regional Central Bank and the creation of a single West African currency. The Authority may at any time, on the recommendation of the Council, decide that any stage of the integration process shall be implemented more rapidly than otherwise provided for in this Treaty. 1. 2. 1. 2. CHAPTER X CO-OPERATION IN POLITICAL, JUDICIAL AND LEGAL AFFAIRS, REGIONAL SECURITY AND IMMIGRATION.